Approximate Expected Utility Rationalization
提出一种衡量数据偏离期望效用理论程度的新指标，并应用于三个大规模实验数据，发现许多被试虽符合效用最大化但不符合期望效用最大化，且该指标与被试人口特征相关。
Abstract We propose a new measure of deviations from expected utility theory. For any positive number e, we give a characterization of the datasets with a rationalization that is within e (in beliefs, utility, or perceived prices) of expected utility (EU) theory, under the assumption of risk aversion. The number e can then be used as a measure of how far the data is to EU theory. We apply our methodology to data from three large-scale experiments. Many subjects in these experiments are consistent with utility maximization, but not with EU maximization. Our measure of distance to expected utility is correlated with the subjects’ demographic characteristics.